Commercial real estate sales down, prices up in the Lower Mainland....
Vancouver, B.C. – September 13, 2018 – The commercial real estate market in the Lower
Mainland continued to see fewer transactions in the second quarter (Q2) of 2018 compared to
decrease over the 680 sales in Q2 2017, according to data from Commercial Edge, a commercial
real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
The total dollar value of commercial real estate sales in the Lower Mainland was $4.047 billion
in Q2 2018, a 13.4 per cent increase over $3.570 billion in Q2 2017.
“Similar to our residential market in recent months, we’re starting to see fewer transactions
across all categories in our commercial market,” Phil Moore, REBGV president said. “Higher
interest rates, reduced retail activity, and other economic factors are contributing to this change.”
Q2 2018 activity by category
Land: There were 217 commercial land sales in Q2 2018, which is a 16.5 per cent decrease from
the 260 land sales in Q2 2017. The dollar value of land sales was $2.287 billion in Q2 2018, a
24.6 per cent increase over $1.836 billion in Q2 2017.
Office and Retail: There were 192 office and retail sales in the Lower Mainland in Q2 2018,
which is down 20 per cent from the 240 sales in Q2 2017. The dollar value of office and retail
sales was $813 million in Q2 2018, a 19.7 per cent decrease from $1.013 billion in Q2 2017.
Industrial: There were 126 industrial land sales in the Lower Mainland in Q2 2018, which is
down 6.7 per cent from the 135 sales in Q2 2017. The dollar value of industrial sales was $0.387
billion in Q2 2018, a 23.9 per cent increase over $313 million in Q2 2017.
Multi-Family: There were 34 multi-family land sales in the Lower Mainland in Q2 2018, which
is down 24.4 per cent from the 45 sales in Q2 2017. The dollar value of multi-family sales was
$559 million in Q2 2018, a 37 per cent increase over $408 million in Q2 2017.
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the Commercial Edge service. For more information on real estate, statistics, and buying or selling a
property, contact one of our REALTORs®